The Art of Negotiation

Negotiation is one of the most important aspects of buying and selling Real Estate and every agent has their own way of approaching it. In the last month I have dealt with a listing agent that would only discuss the deal through text message and another agent that preferred to yell into the phone and not let me speak. It got so bad that I had to keep hanging up and calling her back hoping that she would eventually get tired of yelling. Both of these techniques did little to benefit their client and were just as effective as the three year old in the video below trying to negotiate a cupcake from his mother. It also most likely hindered them from getting top dollar on their clients homes. I truly believe that old fashion discussion, whether its face-to-face (which is 100% the best method) or a voice call is the only way you can benefit your client in any real estate negotiation.

When it comes to Real Estate there are five main negotiation points:

  • Price
  • Terms
  • Closing Date
  • Inclusion and/or Exclusions
  • Contingencies

It is important to ask as many questions about these points that is ethically possible in order to find out more about either the Buyer or the Seller. It is only then that you have a better understanding of what is driving them and you can then act in the best interest of your client. An agent should never let their ego get in the way of this or be embarrassed to ask questions (especially if it is in a neighbourhood that they don’t normally sell in). As a seller or buyer do not be shy about asking your agent how they approach the negotiating process when it is time to either buy or sell a home. It could end up saving you a lot of money and stress in the long run.